WASHINGTON — Two groups are asking the Securities and Exchange Commission to delay the municipal advisor rule compliance deadline until July 1 for asset managers who manage swaps or securities-based swaps in the portfolios of their municipal clients.

The Securities Industry and Financial Markets Association's Asset Management Group and the Investment Advisor Association made the request, and also asked for an exemption from the rule, in a Jan. 2 letter to SEC muni chief John Cross. They argued that traditional asset managers only recently found out that they could be included in the new municipal advisor regulatory regime, which is slated to become effective on Jan. 13. They said asset managers will need until July 1 — the date when all MAs will need to be registered under the final rules — to prepare for compliance.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.